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First Republic and Chase - Am I Going to Get Grandfathered?

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SKBirdmind
Regular Contributor

First Republic and Chase - Am I Going to Get Grandfathered?

Not sure this is the right forum - or even the right crowd to ask - feedback welcomed...

 

With yesterday's very vague announcement that First Republic was just seized and will be acquired by Chase, the short version of my inquiry is "does anyone know yet if everyone's accounts there will become Chase?" It would seem as though the entirety of First Republic's operation and business model is going to simply be folded into Chase - it doesn't sound like a good situation for any of us, no matter how you look at it.

 

The reason I ask is because I got blackballed from Chase bank accounts (NOT credit cards per se), circa-2018. It's a long and not-all-that-interesting story involving some various disputes that ended with them locking me out and stating to never do business with me again. Because of this I've never even thought to bother applying for a credit card with them, but to be honest I don't know if the blackball is just for accounts or ANYTHING under their suite. See cardinal rule in my signature block, which I'm good for and will always stand by.

 

Thus, I can't help but wonder if this acquisition is going to essentially be a backdoor into Chase for me? Or, should I already be looking at moving to a different bank?

 

Here is a link to the official announcement from First Republic.

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Message 1 of 25
24 REPLIES 24
AndySoCal
Valued Contributor

Re: First Republic and Chase - Am I Going to Get Grandfathered?

@SKBirdmind  Based on the blackball reason Chase gave you I would have back up in place just in case.  How long it will take Chase to start integrating First Republic accounts into Chase is anyones guess.

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Message 2 of 25
DONZI
Established Contributor

Re: First Republic and Chase - Am I Going to Get Grandfathered?

My impression is also that FRC is going to remain for the time being, but eventually all absorbed into JPM. I expect it'll be much more clear before 2024.

 

I suppose UHNWI from FRC with past JPM/Chase fallouts may get some additional consideration.

 

IIRC I've read about BofA and perhaps JPM Chase honoring inherited black-lists.

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Message 3 of 25
SouthJamaica
Mega Contributor

Re: First Republic and Chase - Am I Going to Get Grandfathered?


@SKBirdmind wrote:

Not sure this is the right forum - or even the right crowd to ask - feedback welcomed...

 

With yesterday's very vague announcement that First Republic was just seized and will be acquired by Chase, the short version of my inquiry is "does anyone know yet if everyone's accounts there will become Chase?" It would seem as though the entirety of First Republic's operation and business model is going to simply be folded into Chase - it doesn't sound like a good situation for any of us, no matter how you look at it.

 

The reason I ask is because I got blackballed from Chase bank accounts (NOT credit cards per se), circa-2018. It's a long and not-all-that-interesting story involving some various disputes that ended with them locking me out and stating to never do business with me again. Because of this I've never even thought to bother applying for a credit card with them, but to be honest I don't know if the blackball is just for accounts or ANYTHING under their suite. See cardinal rule in my signature block, which I'm good for and will always stand by.

 

Thus, I can't help but wonder if this acquisition is going to essentially be a backdoor into Chase for me? Or, should I already be looking at moving to a different bank?

 

Here is a link to the official announcement from First Republic.


I think you'll be fine, but I agree with @AndySoCal that you should have backups in place, just in case.


Total revolving limits 710800 (590300 reporting) FICO 8: EQ 712 TU 710 EX 710

Message 4 of 25
EAT_SLEEP_JEEP
Valued Contributor

Re: First Republic and Chase - Am I Going to Get Grandfathered?

I would think you would be fine as well.

 

This is apples and oranges I know, but the company I work for is the largest in its industry and through the years I have seen a fair amount of my fellow employees get fired and go to competing companies and later they get bought by the company im at and they were allowed to stay and keep their seniority/hire date from the other company through the mergers.

 

In much the same way, I would figure its unsavory for them to tell them to leave as it would be for chase to refuse service to those brought in from an acquisition over a past issue

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Message 5 of 25
Lurker22
Frequent Contributor

Re: First Republic and Chase - Am I Going to Get Grandfathered?

Agree with others, I think you'll be fine - JPM keeps their retail banking blacklist seperate from the CC blacklist but that's for new accounts, historically they don't close the accounts they absorb when they borg another bank but the last examples we have of a similar situation is WaMu and that was a long long time ago in an economy far far away - so wouldn't hurt as others have said to look around and have a backup but you have time, nothing is going to happen very quickly (also if you're talking CC products I wouldn't expect CLI's if you're on the blacklist, at least not for a very long time) 

 

Message 6 of 25
SKBirdmind
Regular Contributor

Re: First Republic and Chase - Am I Going to Get Grandfathered?

Delightful feedback on the matter - thanks, everyone! What royally sucks is that it sounds like First Republic's entire business model (It's a privilege to serve you, personalized service, dedicated bankers who work with you, branches that feel more like an upscale living room where you are offered some hot tea and upholstered chair to sit in while you conduct transactions, and so on) will eventually disappear into plain-jane-no-frills Chase. The level of service from First Republic is exactly what drew me to work with them... :/ A couple of things worth adding or clarifying:

 

  • This has nothing to do with credit cards, nor have I ever held a credit card with FRB or JPMC.
  • The announcement was made less than a week ago - in other words, I probably won't have to truly "worry" for at least a year... But it's always good to think ahead.
  • "Expecting the best, but having a backup plan and preparing for the worst" is (as usual) the best approach, I'd gather. Observe the not 1, but 3 x separate institutions listed in my signature block already - if you're wondering why I don't keep everything under the same roof, now you know.
  • I really could see this going either way - either "welcome to Chase" or "welcome to Chase...actually - wait, no - we don't want you (or even worse, "we REMEMBER you"), go away."
  • I figure someday or other, I'll eventually run out of banks to get blacklisted for... Mostly kidding? I think? Smiley Tongue

 


@AndySoCal wrote:

Based on the blackball reason Chase gave you I would have back up in place just in case. How long it will take Chase to start integrating First Republic accounts into Chase is anyones guess.



@SouthJamaica wrote:

I think you'll be fine, but I agree with @AndySoCal that you should have backups in place, just in case.


VERY much anyone's guess...and cheers to backups!

 


@DONZI wrote:

My impression is also that FRC is going to remain for the time being, but eventually all absorbed into JPM. I expect it'll be much more clear before 2024.

 

I suppose UHNWI from FRC with past JPM/Chase fallouts may get some additional consideration.

 

IIRC I've read about BofA and perhaps JPM Chase honoring inherited black-lists.


Probably correct on timing, and good to know there have been similar instances with other acquisitions before.

 


@EAT_SLEEP_JEEP wrote:

I would think you would be fine as well.

 

This is apples and oranges I know, but the company I work for is the largest in its industry and through the years I have seen a fair amount of my fellow employees get fired and go to competing companies and later they get bought by the company im at and they were allowed to stay and keep their seniority/hire date from the other company through the mergers.

 

In much the same way, I would figure its unsavory for them to tell them to leave as it would be for chase to refuse service to those brought in from an acquisition over a past issue


That's a great analogy (even if it DOES turn out to be apples and oranges) - appreciate you taking the time to share.

 


@Lurker22 wrote:

Agree with others, I think you'll be fine - JPM keeps their retail banking blacklist seperate from the CC blacklist but that's for new accounts, historically they don't close the accounts they absorb when they borg another bank but the last examples we have of a similar situation is WaMu and that was a long long time ago in an economy far far away - so wouldn't hurt as others have said to look around and have a backup but you have time, nothing is going to happen very quickly (also if you're talking CC products I wouldn't expect CLI's if you're on the blacklist, at least not for a very long time)


Interesting - I was never clear as to whether blacklists for checking, savings, business, etc. accounts were shared with credit cards. With your information, I would almost be inclined to consider applying for something like a Freedom or Sapphire... But not if I'll have liquid money over there in the next year.

"If people want to pigeonhole you, then just view it as an opportunity to prove them wrong and show that you are different to what they think you are." -E. Gordon Gee

I Am Not My Credit Score - it's just a made-up number that we all have to live with.

NOW HIRING - senior credit analyst, account manager, or high-end specialist from American Express National Bank.


Travel Cards:                                                                                                       Cashback Rewards Cards:
Screenshot-2023-06-16-at-10-22-48-AM                                  

Still Active, Less Used:                                                                                      Banks and Credit Unions:
                                    
Former Accounts, Closed Cards, RIP:

Message 7 of 25
SouthJamaica
Mega Contributor

Re: First Republic and Chase - Am I Going to Get Grandfathered?


@SKBirdmind wrote:

Delightful feedback on the matter - thanks, everyone! What royally sucks is that it sounds like First Republic's entire business model (It's a privilege to serve you, personalized service, dedicated bankers who work with you, branches that feel more like an upscale living room where you are offered some hot tea and upholstered chair to sit in while you conduct transactions, and so on) will eventually disappear into plain-jane-no-frills Chase. The level of service from First Republic is exactly what drew me to work with them... :/ A couple of things worth adding or clarifying:

 

  • This has nothing to do with credit cards, nor have I ever held a credit card with FRB or JPMC.
  • The announcement was made less than a week ago - in other words, I probably won't have to truly "worry" for at least a year... But it's always good to think ahead.
  • "Expecting the best, but having a backup plan and preparing for the worst" is (as usual) the best approach, I'd gather. Observe the not 1, but 3 x separate institutions listed in my signature block already - if you're wondering why I don't keep everything under the same roof, now you know.
  • I really could see this going either way - either "welcome to Chase" or "welcome to Chase...actually - wait, no - we don't want you (or even worse, "we REMEMBER you"), go away."
  • I figure someday or other, I'll eventually run out of banks to get blacklisted for... Mostly kidding? I think? Smiley Tongue

 


@AndySoCal wrote:

Based on the blackball reason Chase gave you I would have back up in place just in case. How long it will take Chase to start integrating First Republic accounts into Chase is anyones guess.



@SouthJamaica wrote:

I think you'll be fine, but I agree with @AndySoCal that you should have backups in place, just in case.


VERY much anyone's guess...and cheers to backups!

 


@DONZI wrote:

My impression is also that FRC is going to remain for the time being, but eventually all absorbed into JPM. I expect it'll be much more clear before 2024.

 

I suppose UHNWI from FRC with past JPM/Chase fallouts may get some additional consideration.

 

IIRC I've read about BofA and perhaps JPM Chase honoring inherited black-lists.


Probably correct on timing, and good to know there have been similar instances with other acquisitions before.

 


@EAT_SLEEP_JEEP wrote:

I would think you would be fine as well.

 

This is apples and oranges I know, but the company I work for is the largest in its industry and through the years I have seen a fair amount of my fellow employees get fired and go to competing companies and later they get bought by the company im at and they were allowed to stay and keep their seniority/hire date from the other company through the mergers.

 

In much the same way, I would figure its unsavory for them to tell them to leave as it would be for chase to refuse service to those brought in from an acquisition over a past issue


That's a great analogy (even if it DOES turn out to be apples and oranges) - appreciate you taking the time to share.

 


@Lurker22 wrote:

Agree with others, I think you'll be fine - JPM keeps their retail banking blacklist seperate from the CC blacklist but that's for new accounts, historically they don't close the accounts they absorb when they borg another bank but the last examples we have of a similar situation is WaMu and that was a long long time ago in an economy far far away - so wouldn't hurt as others have said to look around and have a backup but you have time, nothing is going to happen very quickly (also if you're talking CC products I wouldn't expect CLI's if you're on the blacklist, at least not for a very long time)


Interesting - I was never clear as to whether blacklists for checking, savings, business, etc. accounts were shared with credit cards. With your information, I would almost be inclined to consider applying for something like a Freedom or Sapphire... But not if I'll have liquid money over there in the next year.


Yeah I remember their commercials giving examples of some banker running across town in the rain to help out, and things like that Smiley Happy I always wondered if they were really like that, or if that was just their advertising department Smiley Happy


Total revolving limits 710800 (590300 reporting) FICO 8: EQ 712 TU 710 EX 710

Message 8 of 25
SKBirdmind
Regular Contributor

Re: First Republic and Chase - Am I Going to Get Grandfathered?

It's real - at least from my perspective and opinion - obviously "running in the rain to help" is a metaphor. Smiley Wink But when I log in to First Republic Online, my Personal Banking Officer's business card appears in a side panel with her name and contact info. She answers the phone when I need something, quickly responds to emails if I have an inquiry, greets me by name when I go to her branch, and is able to handle a lot of requests you'd normally have to dial an overseas call center for. (But those are great at FRB too - U.S.-based with very thorough agents.) When I visit her, she usually remembers a detail or 2 from our last conversation. Then always makes sure to validate parking and send me off with a wine stopper, umbrella, calendar, or other FRB-branded merch. Smiley Happy

 

Sure - some people want a mobile-centric experience, depositing checks through an app, seamless ties to things like PayPal or Zelle, and automatic ACH withdrawals or bill payments. But I put value in other things...

"If people want to pigeonhole you, then just view it as an opportunity to prove them wrong and show that you are different to what they think you are." -E. Gordon Gee

I Am Not My Credit Score - it's just a made-up number that we all have to live with.

NOW HIRING - senior credit analyst, account manager, or high-end specialist from American Express National Bank.


Travel Cards:                                                                                                       Cashback Rewards Cards:
Screenshot-2023-06-16-at-10-22-48-AM                                  

Still Active, Less Used:                                                                                      Banks and Credit Unions:
                                    
Former Accounts, Closed Cards, RIP:

Message 9 of 25
Jeffster1
Valued Contributor

Re: First Republic and Chase - Am I Going to Get Grandfathered?


@SKBirdmind wrote:

It's real - at least from my perspective and opinion - obviously "running in the rain to help" is a metaphor. Smiley Wink But when I log in to First Republic Online, my Personal Banking Officer's business card appears in a side panel with her name and contact info. She answers the phone when I need something, quickly responds to emails if I have an inquiry, greets me by name when I go to her branch, and is able to handle a lot of requests you'd normally have to dial an overseas call center for. (But those are great at FRB too - U.S.-based with very thorough agents.) When I visit her, she usually remembers a detail or 2 from our last conversation. Then always makes sure to validate parking and send me off with a wine stopper, umbrella, calendar, or other FRB-branded merch. Smiley Happy

 

Sure - some people want a mobile-centric experience, depositing checks through an app, seamless ties to things like PayPal or Zelle, and automatic ACH withdrawals or bill payments. But I put value in other things...


I hope Chase treats your banker well. Employees so often lose out in mergers.

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Message 10 of 25
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